BCOR 2302 QUIZ 3 Latest 2023 Graded A

BCOR 2302 QUIZ 3 Latest 2023 Graded A What is the institutionalization of business ethics? Explicitly articulating moral standards and embedding them- via specific programs, structures, and institutions- in the culture of organizations, industries, and economies How does this process help to explain why you are taking this class? Help to explain how company's implement their ethical decision making What is the difference between implicit and explicit ethics in the workplace? implicit: assumed underlying things, to become implicit the company needs to be explicitly to say and do moral standards Explicit: -education -employee training -employee dos and don'ts -mission statement What are the three different kinds of standards that can be instilled through the institutionalization of business ethics? 1. Vales of the company 2. Norms 3. Artifacts Values on the company Statement or assumed in the company norms normative ethics, rules on how we function Artifacts Written down rules on how businesses will operate ethically Typically, when a company is doing something that many members of the public regard as irresponsible or unethical, society offers the business a 'carrot' and a 'stick.' What do these two items represent in the business world? Carrot: reward good societal things -BCOr or non gmo ingredience will lead to public support Stick: if the company does not self regulate, we can motivate with legislation What are the two primary failures to which public policy is a response? 1. Failure to institutional business ethics 2. market failure What is a market failure? a situation in which a market left on its own fails to allocate resources efficiently to create social benefit Identify five different kinds of market failure, with examples of each from corporate life. 1. Monopoly 2. Monopsony 3. Overproduction of negative 4. externalities 5. externalities 6. underproduction of public goods 7. lack of transparency monopsony opposite of monopoly, only have one consumer Be able to explain the motives driving the calls for regulating Facebook. What is unusual about Mark Zuckerberg's response to these calls? He asks for legislation because he needs to know what he can and cannot do wants government to draw a line If Adam Smith’s ideal marketplace is represented by an invisible hand, which coordinates market participants to achieve social well-being without that aim being the conscious intention of the participants, what kind of hand best represents public policy? Explain. public policy can be thought of as the iron fist and says no to business behavior. sets rules and consequences iron fist represents the government and the legislation What are the two primary types of public policy? 1. legislation 2. regulation legislation -elected -democratic -big picture Regulation -unelected -Bureaucratic -Details How are these two types different? Legislation is more extreme than Regulation public policy mandates basic social ground rules for responsible business activities There are five primary categories of public policy. These categories are distinguished from each other by the different purposes each kind of public policy serves. What are these five categories? 1. Regulating competition 2. Protecting Consumers 3. Promoting equity and safety 4. protecting the environment incentives 5. Incentives to encourage organizational compliance programs to deter misconduct Identify at least one example of a particular policy, or an agency that sets policy, for each category. 1. antitrust laws trying to regulate monopolies 2. the fda and usda 3. safety in the workplace OCEA Society's expectations of business are shifting. Please explain how this motivates new instances of collective action. -Mission